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The epidemic damages UK retirement plans in over 50s

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59-year-old Ren Wilson, who has run management consulting for 20 years in Colwyn Bay in northern Wales, was looking forward to retiring next year and traveling to Europe with his wife Vanessa.

But Wilsons’ plans were lost due to the coronavirus pandemic hitting his business revenue. The cash accumulated in his pension was diverted to support the business.

“As a result, I have to work part-time for up to three years,” Wilson said. “We are not leaving next year. It’s stuffy, but given the circumstances, it should be practical.”

Nationwide, hundreds of thousands of workers in their 50s and 60s are facing the prospect of working longer than expected or falling into retirement savings earlier than expected.

“Some clients have decided to continue working beyond the date they planned to retire,” said Christine Ross, Customer Director at Handelsbanken Wealth Management.

“I [also] We are aware of cases where individuals who are still working have approached personal pensions earlier than expected to close the income gap.

The coronavirus crisis disproportionately affected the youngest and oldest workers in the economy.

Older workers are particularly sensitive to economic shocks because they have less time to financially recover from a market hit or loss of income to their pension funds before retirement.

According to an analysis by the independent think tank Center for Aging Better, the number of people over 50 who receive unemployment-related benefits due to the pandemic nearly doubled from 304,000 in March to 588,000 in June.

There is also a risk of a surge in the unemployment rate for older workers in the government this month, with one in four workers in this age group (2.5 million in total) aging. Of those who were still working, 20% were working less time.

“Hundreds of thousands of workers may not be able to return to their previous job because some sectors are struggling to recover,” said the Center for Aging Better.

Advisors say that over 50 years of age affected by the crisis need to quickly revise their retirement plans.

“We are hearing more and more comments from 28,000 members concerned about the size of the pension pot this year as a result of Covid-19 having a serious financial impact and seeing it as a grim choice for older workers. No Desire’s chief executive, Natasha Oppenheim, who does not wish to retire, providing employment advice and support to older workers, said.

“Compared to, for example, two or three years ago, loss of income became the main motive for finding a job beyond the legal retirement age.”

Increasing job insecurity is leading to an increase in retirement anxiety among older workers at the national level.

A recent analysis by the Institute for Fiscal Studies, a think tank, found that one in eight older workers (13%) changed their retirement plans as a result of the pandemic, 8% planned to retire later, and 5% made plans. It. Retire early.

The financial difficulties of older workers have been exacerbated by the increase in state pension age, with men and women increasing by 66 this month.

Your statewide pension eligibility, currently £9,100 per year, counts towards your National Insurance premium and you cannot get it early.

Ros Altmann, former pension minister, said, “I think there are strong cases that have been further reinforced by the recent pandemic. This is to give those in need the opportunity to get state pensions early, even at a reduced rate,” said the former pension minister.

“If the likelihood of returning to work is low or impossible, it seems absurd to force us to wait too long for state pension payments.”

Activists are now calling on the government to pay more attention to the plight of older workers.

Last month, the government announced a £2 billion kickstart plan to help young people with universal credit, a key welfare benefit, return to work. However, there have been no similar interventions for age groups over 50 who are already experiencing employment discrimination.

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David Sinclair, director of the International Center for Longevity, a professional think tank, said, “As a result of Corona 19, older workers who are unemployed will find it much more difficult to get another job compared to other age groups.

“Without additional government support, thousands of people over 50 will be retired early.”

The Employment Pension Department said that Jobcentre Job Coaches has helped people of all ages develop their careers by doubling the number of front-line job coaches to 27,000 by March 2021.

“We also launched a new £2.5 billion National Technology Fund, and we continue to work with employers through the Fuller Working Lives service to help recruit, retrain and retain older workers.

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